"I think the composition hasn't dramatically changed. We still have our bearish views on high-yield spreads, and frankly, they're even stronger now with spreads compressing so much the market seems to be pushing spreads tighter and tighter," said Keith Cozza, CEO of Icahn Enterprises.

"Expressing it in the form of CDX is still part of our hedging strategy, and the rest of it there is a combination of some single names, but the majority of our hedging is done through broad market hedges, such as S&P 500, things of that nature."

Danger

Icahn also released a video in September, called " Danger Ahead," outlining his fears about the stock market. He believes that keeping interest rates at or near 0% has created a massive bubble in the market.

In fact, he believes it's just a symptom of what's wrong with our entire economy. The answer, he told Business Insider in an interview at the time, really boils down to making corporations pay their fair share.

"We legislate inequality ... protect the status with these corporations," he said. "CEOs should not be able to make 800 times what the worker makes."

In the video, Icahn endorsed Donald Trump because he thinks Trump is the only candidate tough enough to take on special interests head-on. Now that those groups — and super PACs — control electoral purse strings, candidates on both sides of the aisle have become more polarized to keep up.

"I disagree with [Trump] on certain issues and would probably need to talk to him more," Icahn said in his video, later adding, "Teddy Roosevelt was great. He stood up to JPMorgan. Where do we get a guy like that?"